Tax-Free Savings Account (TFSA)

It's tax-free. Need I say more?

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What's a TFSA and why get one?

A Tax-Free Savings Account is an account where you can invest your money and pay no taxes on the investment earnings. Often used alongside an RRSP or on its own. Open a TFSA if you are:

Saving for a big purchase

Car, vacation, wedding, or if you’re saving just to save. You can withdraw from a TFSA tax-free, at any age — making it more flexible than an RRSP.

Expecting a higher salary later

If you think you’ll be in a higher tax bracket later, start with a TFSA. When you start earning more, save with an RRSP and reduce your income tax.

Starting to save

Building an emergency fund? Investing for the first time? TFSAs aren’t complicated. You can start earning with just $1.

How a TFSA works.

Here are the basic steps. Is this really all you need to know? No. Should that scare you? Nope. You can start simple. And the sooner you start, the more you’ll save.

Choose an investment “vehicle”

These are the actual investments that go into your account. They can be low-risk, like savings accounts or term deposits; or high-risk, like stocks. Mutual funds* sit in the middle and have a variety of risk levels. You can also choose a mix.

Open a TFSA

To be eligible you must be a Canadian resident 18 years of age or older with a valid SIN number. To open an account, meet with an advisor. If you want to invest on your own, check out our ways to invest online.

Make your deposits

Put money into your investment, or multiple investments. Every year, the government gives you a contribution limit. For 2023, you can contribute up to $6,500 plus any unused amounts you’ve accumulated since you became eligible.

Check on your progress

How often depends on what investments you choose and their risk levels. We recommend reviewing your investments at least twice a year by booking a portfolio review.

Earn money and pay no taxes

Tax-free baby! TFSAs allow for tax free gains on your investments.

Withdraw, re-invest, invest more

Flexibility is the beauty of TFSAs. Amounts you withdraw are added back to your contribution room the following year so you can keep investing.

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TFSA vs RRSP? Which should you invest in?

Truth is, both are good choices. In many cases, it’s a great idea to have both RRSPs and TFSAs.

RRSP contributions give you an immediate tax deduction, and tax-deferred growth, but withdrawals are fully taxable.

TFSA contributions give you no tax deduction, but all growth and withdrawals are tax-free to you.

Remember, the factors influencing the best choice for you can change over time, so it’s important to review your situation regularly with your financial advisor, to ensure your savings reflect both your current circumstances and reasonable expectations of the future.

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